Victoria's First Home Owner's Grant - Mortgage Domayne

Victoria’s First Home Owner’s Grant

June 30, 2017

Amid the messages of doom and gloom for Australians trying to break into the property market, the Victorian Government has recently provided renewed hope in the form of changes to its First Homeowner’s Grant. In order to assist young Aussies who are struggling to make their first residential purchase, the original benefit amount of $10 000 is set to rise to $20 000 on the first of July this year.

The great Australian dream of owning one’s own ‘castle’ (with or without serenity) is an ambition that every generation has strived for and this amendment means it will become a reality for many more. If you have been trying to acquire your own place, but financial pressures have been holding you back, then this might be your chance to enter the market and invest in your future.

How you can best benefit from this scheme

It’s predicted that the First Home Owners Grant in Victoria will support approximately 6000 first home owners, by enabling them to obtain a better quality property, or place a substantial deposit, without having to outlay as much of their savings.

However, this new and improved grant won’t be available indefinitely and only affects contracts signed between July 1, 2017 and June 30, 2020. If you are on the cusp of entering the housing market, it pays not to delay! Be proactive and take advantage of the First Home Buyers Grant in the state of Victoria ASAP to avoid missing out on this generous contribution.

If you need mortgage and loan advice, don’t hesitate to contact us. We provide expert advice and endeavour to reduce the stress that is often associated with buying a property.